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Terraform Labs’ Luna Foundation Guard again buys BTC worth Rs 1.15 trillion

Terraform Labs’ Luna Foundation Guard again buys BTC worth Rs 1.15 trillion
Written by Arindam
Terraform Labs’ Luna Foundation Guard again buys BTC worth Rs 1.15 trillion

Luna Foundation Guard has made another big bitcoin purchase. To support its UST stable coin reserve, the non-profit organization has purchased $1.5 billion worth of bitcoins (about Rs 1.15 trillion). Luna Foundation Guard is a Singapore based company that comes under Terraform Labs. Terraform Labs has its own blockchain, Terra.

According to a CNBC report, on May 5, Luna Foundation Guard made a fund over-the-counter swap of $1 billion (about Rs 76 billion) with cryptocurrency broker Genesis. Apart from this, bitcoins worth $ 500 million (about Rs 38 billion) were purchased from Three Arrows Capital. Earlier in April, Terra had bought bitcoins worth $100 million (about Rs 765 crore). This transaction was done on April 13.

Prior to that on April 6, it had added $230 million worth of bitcoins to its reserves. Terraform Labs co-founder and CEO Do Kwon has also revealed that his company is preparing to issue a stablecoin (UST), which will be backed through BTC reserves, rather than the US dollar, euro or any other fiat currency. According to him, UST is going to be the first internet native currency that implements bitcoin standards as part of its monetary policy.

The UST Stablecoin Reserve now holds bitcoins worth $3.5 billion (about Rs 2.5 trillion). Since then it has become one of the 10 largest bitcoin holders in the world. Terraform Labs co-founder and CEO Do Kwon announced in March that he would raise $10 billion worth of bitcoin to support UST. Do Kwon has spoken of achieving this target by the third quarter of 2022.

Following his announcement of the release of a BTC reserve-backed stablecoin, Blockchain CEO Adam Back, a popular figure in the cryptocurrency community, questioned where the money would come from. Regarding which Kwon had said that the project would accumulate about $ 10 billion over its time. This process of slowly adding bitcoin to the reserve is moving towards the same goal that the company is on track to accomplish by the end of 2022.

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Arindam

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